The U.S. Small Business Administration is pointing to record consumer participation during the Thanksgiving shopping period as a sign that confidence in the economy, particularly among small businesses and consumers, continues to strengthen. New data released by the National Retail Federation shows that nearly 203 million shoppers took part in in-store or online purchases from Thanksgiving Day through Cyber Monday — the largest number ever recorded for the holiday retail stretch.

According to the NRF, Small Business Saturday drew almost 63 million in-store shoppers, an increase of roughly 2.6% over last year, reflecting continued enthusiasm for local retail and Main Street entrepreneurs. Over the full five-day period, nearly 130 million people shopped in person, while more than 136 million made online purchases, each category posting growth compared to 2024.

SBA Administrator Kelly Loeffler said the surge in holiday shopping aligns with what many business owners are reporting — stronger demand, improving sentiment, and expectations for further growth going into 2026. She noted that small firms are preparing to expand, hire, and invest heading into the new year.

The NRF also projects that holiday spending nationwide will cross the $1 trillion mark for the first time, with anticipated gains of between 3.7% and 4.2% compared to last year. If the trend continues, 2025 could close out as one of the strongest seasons for small retailers in recent memory.

Recent surveys add to the picture of renewed optimism. SBA figures, along with data from organizations including the U.S. Chamber of Commerce and the National Federation of Independent Business, indicate that many small employers expect higher revenues in the coming year, and that sentiment has risen above long-term averages. A majority of small business owners expect to grow operations, and many report plans to expand staffing or investment.

That outlook is being reflected in capital activity as well. The SBA reports that demand for financing has climbed as more entrepreneurs seek loans to start, strengthen, or scale their businesses. In Fiscal Year 2025, the agency approved $45 billion in lending to roughly 85,000 small firms — its highest volume on record.

With the holiday season underway and early spending numbers breaking past benchmarks, federal officials say the data suggests that both shoppers and small businesses are entering the new year with strong momentum and a more confident economic outlook.